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EDA Agenda 04-02-2003AGENDA MONTICF.LLO ECONOMIC DEVELOPMENT ALITHORITY Wednesday, April 2, 2003 - 4:00 p.m. City Hall -Academy Room MI?MBERS: Chair Bill Derneules, Vice Chair Barb Schwientek, Roger Carlson, Robbie Smith, Ron Flogltllld, Darrin Lahr, and Clint Herbst. STAFF: Treasurer Rick Wolfsteller, Executive Director Ollie Koropchak, and Recorder Lori Kraemer. GUI~.ST: Steve Budd, Integrated llecycling Technologies, Inc. Eric Bondhtis, T. J. Martin dba Lakc Tool, Inc. 1. Call to Order. 2. Consideration to approve the January 29, 2003 Ii;I)A Minutes. 3. Consideration of adding or removing agenda item. 4. Status report and consideration to approve subordinating to take-out the Lender's loan and adding additional dollars (GMF.I' Loan No. O1 K - IRTI). 5. Status report and consideration to proceed with recovery oC I`unds for C;<MEF Loan No. 014 (T..I. Martin). 6. Executive I)irecior's Report. 7. Other Business. F.T7A Annual Meeting - 'I'ucsday, April 22, 2003, 4:00 p.m. 8. Adjournment. r 1 LJ EDA ACENllA - 4/2/U3 4. Status report and consideration to approve subordinating to take-out the Lenderr's first position and adding additional dollars. A. Reference and background: On March 15, 2001, the EDA approved a $72,500 real property loan at 6.5% interest rate to Integrated Recycling Technologies, inc. (Steve Budd). The lender (21th Century Bank) and 1~:UA loans closed on ,tune 29, 2001. As security, the EDA has a Promissory Note and recorded Mortgage with IR"1'I and a Guaranty Agreement with Budd, Meyer, and Berquam (partners). The EDA loan in second position behind the bank loan of $350,000. It is my cu)derstanding, Budd has bought-out his partners and plans to refinance with a new lender, State Bank of Rogers, Tirn Melrose. In my conversation with Mr. Melrose, Budd is looking to refinance the existing bank loan anal consolidate other debt; therefore, he asking the EDA commissioners to subordinate taking-out the first bank loan and to add additional dollars. I've requested the lender send me a letter stating the creditworthiness oI` the company, list of existing debt of the company, remaining principal balance of the existing bank loan, description of the purposed consolidated debt, and total amotu~t of refinanced bank loan.. The remaining principal amount of the CiMEI~" Loan No. 018 is $69,721.76 as oI` March 2003. The April 1, 2003 payment is due, monthly payment is $549.57. Budd has continuously been one month behind with the EDA payments. Initial job requirements was 2 jobs between $12.00 - $1 3.99, 1 job between $14.00 - $15.99, 1 job between $16.00 - $17.99, and 1 job $18.00 and higher. "I'he,job requirement was satisfied according to the 2002.job reports to MN IYI'EU. Questions for the h:DA: 1. Will the EDA accept subordinating to take-out the existing loan balance of $340,337 born 21th Century Bank to State Bank of Rogers. (Without this, the company can't refinance the original loan with the State Bank of Rogers.) 2. Will the H;[)A accept an additional debt (dollars) of`$50,000? Or subordinate to a $ 391,000 bank loan`? The I~.L)A can say "no" which will cause a second bank loan behind the EDA and add cost to IK'I~l. "1'hc F;[)A is at greater risk, what is the EDA's security'? Would the EDA have originally approved the C~MI?l~ Loan if the Lender's amount was greater'? (Per the maximum 30% GMEr leverage, the max amount of the CilVl1-;F IOan is $ 117,300 assuming a bank loan of $391,000.) "1"hc initial bank loan, I believe, was for construction where the additional $50,000 is for working capital? Does the EDA want to subordinate aconstruction/working capital loan'? `I'bis does not add value to the real estate property or M&E. C] F.DA AG F,N UA - 4/2/03 . 3. Number of jobs and wage level, currently? Arc there plans I:or additional jobs? Steve Budd, IR"I'[, will attend the EDA meeting. B. Alternative Action: FIRS"I' MOTION A motion to approve subordinating GMFh' Loan No. 018 to take-out the existing bank loan of $340,337 subject to execution ol~documents as deemed necessary and prepared by the I~.DA Attorney and at the cost of the Borrower. 2. A motion to deny approval subordinating GMFF Loan No. 018 to take-out the existing bank loan of $ 340,337. 3. A motion to table any action. S>/COND MO'1'1ON 1. A motion to approve adding an additional of $50,000 for a Bank first position construction/working capital loan of $391,000 with GM1J1~' Loan No. 018 in second position subject to execution of documents as deemed necessary and prepared by the h:C7A Attorney and at the cost of the Borrower. 2. A motion to deny approval of adding an additional $50,000 to the Bank's first position. 3. Motion to table any action. C. Recommendations: For the first motion, the Administrator and Executive Director recommend alternative no. 1 F'or the second motion, alternative no. 1 would have been approved in ?001 based on rT~ceting the requirements of the EDA Business Subsidy Criteria. It is suggested to ask for the current number of jobs and wage levels and if new jobs are being proposed. Experience has shown in times of economy down-turn, the EDA is at greater risk and in this case the Borrower has been consistently late with monthly payments. Alternative 2 • EDA AGENDA - 4/2/U3 • would be an added burden to I R"I'I but lcss risky for the 1JDA. If the bank refinancing is not adding value to the City of Monticello, the Administrator and F,xecutive Director recommend alternative no. ?. D. Su ortin Data: Letter from lender. • • STATE BANK 4F RaGERS City of Monticello Attn: Ms. Ollie Koropchak 505 Walnut Street Suite 1 Monticello, MN 55362 March 28, 2003 RE: Integrated Recycling Technologies Inc. Dear Ms. Koropchak: Our bank would like to refinance the building loan on the building presently occupied by integrated Recycling. It is our bank's understanding that the City of Monticello has a 2"`~ mortgage on this building. Therefore, we are asking the City of Monticello to subordinate their mortgage to our proposed 15` mortgage. Additionally, we would like to add approximately $50,000 of new debt to the existing 15E mortgage. Therefore, we are also seeking the City's agreement for us to include additional fiords to the 15` mortgage. 'The new monies we propose to advance are to provide the business with additional working capital. Due to their continued growth, the business is in need of extra fiords to support their growth. Our bank has reviewed Integrated's 2002 year-end financial statement and their statement shows that sales continue to increase and that the business is generating good, positive net income. Our bank has been providing the business with working capital loans and all loan payments have been made as agreed. In summary, the new martgage loan would be propased as follows: Original 151 mortgage: $350,000 Approx. current balance: $340,000 Proposed new 15` mortgage: $390,000 Our bank would appreciate your response to our request for a subordination agreement, and for an agreement to add additional funds to the I5` mortgage. If you have any questions, please feel free to contact me at 763-428-2222. Thank you for considering our proposal. Smc~crely ' G.~ l `~~~.~ ~~ Tim Melrose Vice President • 12916 MAIN STREET P.O. Box 127 ROGERS, MN 55374-0127 www.statefJankofrogers.com 763-428-2222 Member F©IC FAX 763-428-8510 EDA Agenda - 4/2/03 . 5. Status report and consideration to proceed with recover~of funds for (iMEF L oan No. 014 (rl'..I. Martin . A. .Reference and hack round: Eric Bondhus, "I'..I. Martin, Inc., has requested the H DA cotnrnissioners consider an offer to negotiate settlement on the default GMEF Loan No. 014. At the EDA meeting on Decelrlber 16, 2002, Dennis Bondhus made a settlement offer of $18,000 at a 6.0% interest rate over three years. ':fhe EDA tabled any action for three months allowing additional time for the company to collect receivables. The EDA and T. J. Martin, Inc. entered into a Loan Agreement on February 18, 1998. The machinery & equipment loan was for $87,500 and a I1CC-1 was Bled. `fhe remaining principal al~~ount of the HUA loan is $45,886.66. The I~;DA in a second position behind the lender, Marquette Bank. Thereafter and unknown to the hUA, First National Bank of i~:lk River assumed the mortgage. On October 8, 2002, the EDA approved a motion authorizing recovery of funds for GMIF Loan No. Ol4 which put the EDA in the position of the right to exercise any or all remedies while still allowing time for the Borrowel• to pay-off the GM1;F loan (See attached letter). 7~he F.,DA has Personal Guarantees from Carl, Dennis, and Eric Bondhus +~ as well as a Security Agreement and Promissory Notc. In my conversation with Mikc Kopp, First National Bank of I:Ik River, on March ~ 1, 2003, he informed me First National has negotiated a settlement agreement on the remaining principal balance of the bank loan. Original amount of the real estate/equipment/other bank loan was $719,000, remaining Iinpaid balance is $29,620. believe their settlement is a cash buy-out. He stated that US Bank has also negotiated a. settlement agreemelt on the remaining unpaid balance of $1 1,000 (lease agreements). Both bank settletxlent agreements are contingent upon the EDA approving the $18,000 settlement loan. For your iliformation, the HRA did receive payment for the delinquent tax increment from the County and for the remaining unpaid balance of the TI H' Note upon the sale of the real estate property at 1 347 Dundas Circle to the F Ioglund's. l lease note the following: 1. Borrower did not record the TIF Agreement at the County. 2. Borrower switched Lenders without notifying the F.DA. (No subordination taking-out other lender.) • EDA Agenda - 4/2/03 ~. 13orrowcr dissolved T. J. Martin, Inc., a Minnesota corporation, without notifying the L~,DA. 4. Borrower continuously delinquent on EDA payments. 5. Borrower was delinquent on property taxes. 6. EDA authorized loan payments by automatic wire deposit after several written notices. 7. Borrower liquidated machinery & cgtripment without notifying k?C)A. 8. Borrower's last payment on (iMl~;F' [,oan No. 014 was October 2002. Eric Bondhus will attend the EDA meeting. ii. Alternative Action: A motion to proceed with recovery of funds for GMEF Loan No. 014, Borrower to pay all EDA attorney fees, costs, and expenses. 2. A motion to accept a settlement of $18,000 at 6.0`% interest rate over three years, Borrower to pay all EUA attorney fees, costs, and expenses up-front for preparation of loan documents. 3. A motion to accept a cash buy-otit settlement of $18,000 or larger amount. 4. A motion to accept a settlement of _ at terms outlined Borrower to pay all EDA attorney fees, costs, and expenses up-front for preparation of loan documents. 5. A motion to table any action. C. Recommendation: City Administrator and Executive I)ircctor recommend alternative no. 3 as this is the cleanest alternative. The lenders recommend alternative 2 as this would keep the company and individuals out of bankruptcy but leaves the EUA not any better off (no security). Alternative 1 may perpetuate a bankruptcy. 'The f:DA Guidelines do not. address foreclosures and the decision by the EDA will set a precedence. D. Su ortin r Data: Copy of letter to Borrower. • - 5~ October I I. 3003 Eric Bondhus and Dennis Bundhus T. J. Martin, Inc. 13~F7 Dundas Circle Monticello, MN 5363 Re: Notice of Default by Borrower EDA - GMEF No. 01=1 Dear Eric and Dennis: At the N(onticello Economic Development Authority (EDA) Itteetin~ ofOctaber 3. ?003. the commissioners were informed that T. J. Martin, Inc. (the "Borrower~~) had sold the certain equipment (;\ttachntent A) designed for use at the Minimum Improvements and financed by the Monticello Economic pevelopment Authority (the "Lender") per the Loan Agreement dated February 13. 1998. between T. J. Nlar-tin. Inc. and the Monticello Economic Development Authority. Per the Borrower, the certain equipment had been sold by the Borrower during, a liquidation sale. • The commissioners oracle a motion ~u ~nrl/x~ri=e pura•uin~r recr)rrrr of furu(.ti for G~1 /EF':~'u. 01-1 (T. J. ~l(cJrtiJ7, /r~c•.) per the Loan A~reentent. Lcndcr~s Remedies a on Borro~~er•s Default. Upon an Event of Default bv' Burrower and after receipt of ~a•ritten notice from Fender. Lender shall have the right ro exercise any or all of the following remedies (and any other ri~_hts and rentedius available to it):..° .................................. l Flerebv'. this letter serves as the written notice from the Lender to the Borrower. For your information. as of the be`innin~~ of September 3002. the remaining principal balance of the loan was S~t~,336.66. Should you have questions, please call the Office of Economic Development at 763-271-3203. Sincerely, b661 aaqu.laaa4 `G 1.8E ua~o~ Sd u, }dla~a~ uan~a~ 0!)saluoQ szro a ers ~esz ol ,~ ' (}ua6y.JO a saaPPd) :e~nleufiis 9 m i ~ - - (piad st aa{ pue assaJ 'B auJe tuu ~9 paniaoafd '9 ( N d) ~ D ~ ppy s,a y patsanba~ {~ ~f}up) ssaJpp ~ J ~~, i _ ~ nAang2Q o a1F?[l 'L "7 I- r- ~ ~~ -~1 - '\ ~> _'`) (.f ~.~ ~ ~ .,, ~ ~ ,~ ~ ~ ! ~ m n 00~ p asipueyuJaW Ao} ldia;i~y wnlab ~ ' . ~ Palnsul ; 2 ~IPW ssaldx~ Cl , , ;•.}>~1', 1 .: '-; r {. 1 n n . pal}Ipa~ ~ Palalsi6ea ~ ,' , ~ 3 ~ ~ adF.J aJlnaag qb )''~ ` , ~ : vl ~ I',1 ~ 1 - ~ --. ,- ;.j ~ -. , .-. ~ - I x~LUnN a~ailatJ pb ql pa;,aappy alu!1~~/ 4; ~ :D 'palanq-)p w } JD} )a1SPU.11504 l~nsur)~ .){r!p %)1.1} 1)11[: ()=),~)nll H1]'ir'M '. )I:)I Vr~ ~)1Il IA)OI,IM r)l M()I{~ IIIM 11119Ja}t I),n1aH '>I I.L r ry ./7 ~ . 'I,,yulnu ~)17p r; pup Molur~ )~nldp~ul )41 rl~„p:)c.;)nh•)t/ Idr7p;+1-/ um1:~H~.:)InM r ,d ,D 7 ani~ap paloulsaa ^ puu~ r SSalpp'd S,aaSSalppy n ~ L Inu >nvp aru_ r1•; p >1~eq •n{I un ro ~•nrav111y11, 9111 {o lunll ar{I r)1 u)Ar)Inrl>Ah~~~)I> c~ r m m ~'~ '.(a0} L'11xe II I, if II~).I llr.''1'~M Il (r:l I `) i Illlr) II I1 .1 ~:11)nl)1 )1 I.Iri i'.=11) r-' !1111 7111~;11111r)~ 111111 • I V `% III rl rl` f>ur: r,11,'g •;uAaU :,la~rlu,rr) ^ (j7 u) UP, Jal) Sc)01 n.1 i~)S f UIM0110} ';7)INa : IQIIQIIIr)r)r' 10{ I R)/VIII' l '+11,7{I DI; )1fr11PY) • (b a41'3nIJJe'1) Ol ~~SIM 05~F? ~ '~~~1V~S •~ 295-271 ! • Fax: (763) 295-4404 -- --_ .................,., ,.,,, ,.,,~~ - ~,u~) ty~-3170 • Fax: (763) 271-3272 MONTICELLO 5 ;~ EDA AGENDA „~ Project Summary: h9~-Vf~hiCli~~ ifljeC-~4H $is~dS, ~s @~vnecl by Carl, BnG, Lake Tool, Ina., a~teal s and Demos Bondhus. T.J. Martin,, Inc.; a 14linnesata corporation, constructed and leases the new 9,Ooo sq ~ manufaeturing/of~ice facdity located. at 1347 Dundas Circle to Lake Tool; The companyrelocated and moved into the nevv location is September of 1997. The City pravide~ ~ as~staace in~e ~-af ~~,'R~'-~e~ ~°$ end s improvements: TIF District Na. 21 was certified by V~right County on December 6, 1996 and the construction project was to create, five new jobs withnx two years at an average annual' wage of $4p,000. Since appfication of TIF in Qetober, 19~f ,Lake Taal ~~ employmetrt has g~ewa €rem.~wo te-sevetk~g~he ~~eb req~rement. The company anginally planned to apply for the. GMEF at'time of construction; however, elected to purchase machinery and eeluipme~gt at a later. date. The machinery w~1 be purchased. by T.7.1Vlartin, Inc., leased to Lake Tool, Inc. and guaranteed by the owners. The total number -of-lames -ty~ seV~~~g~sr -~ ~ ~~~y plans to hire five new employees at an annual average wage of $30;000-$40,000 within. two years, The purchase of the fallowing machinery will cause the company to be more viable, increase effiseiency, and provide jab security. f SuperMax Mag-4 Rebel C~FC Bedm~l $11 `0-080. Mitsubishis EX8 CNC EDM $130,000 Fadel VMC3016 CNC BedmiIl and miscellaneous taalmg ~ $ 94,000 Z -Chevalier Accugrind Super Precision Surface Grinders $ 16,000 TOTAL USES 4F FUNDS $350,000 ~~ 1 EDA AGENDA rANLTARY 2{l, 1998 Mazque~tte Bank ssA(7~>~ GMEF Equity TOTAL SOURCES aF FUI~FDS $~,~ $1s3,7sa ~ g7,soa $ $,7s0 ~3sq,9aa * If the SBA(7a} program is not approved, Mazquette's Lease Financing Company will. provide the funding. A ~ - ,..E PUBLIC PURPOSE CRITERIA: Must comply with four or more of the criteria listed below; criteria. #I hemp mandatory. l . Creates new jobs: Severn jobs currentlry, five additional (37.s hpw) jobs within two years. Annual average wage, $30,000-$40,000. Z. Increases the community tax base: The purchase of machinery does not increase the tax base. 3 , Factors: - -- To assist ~a egg ~dustrial ~sines~s-Ie ~e dons. The company's business environment meets the City's industrial objectives: Nature ofbusiness, service and product, na adverse environmental effects, the canxprehensive plan and: zoning policy. 4. Used as a secondary-sonic-e ~~ coaventien~ f~c~g: The GMEF will be the secondary source of funding to the lender, Mazquette Bank. s. Used as gap financing: Used as gap financing (see Letter from Lender) and as an incentive to encourage economic developme~rt. 6. Used to assist other fiends: In addition to the lender, an SBA application is submitted for funding approval. Per the lender, time coustxaints prevent applying for CMIF or Wright county fiords. • ~n EDA Agenda - 4/2/03 . 6. Executive Director's Re ort: a) On March 25, introduced a special legislation bill to extend the 5-year activity rule for Downtown TIF District No. 1-22. Met with Scnaior Ourada and Representative Anderson. Chamber Director also was present to support bill. Testify in Senate Tax Committee on Apri12, 9:00 a.m. b) C.H. Molt Company, Inc - As Kohler's discontinued orders for engine housings, Craig Holt has closed his doors. 5,000 sq It industrial space for lease at 208 Uundas Road. c) Production Stamping - `balking with Les Wurrn last week, he was pretty close to signing a purchase agreement on the Fallon Avenue building. It is a swap of buildings plus dollars. His intent is to move in by the end of April if the deal goes through. d) Was a presenter at the Second Development Issues and Solutions Series hosted by the Wright County Partnership on March 19. Next session is May 7. e) biRN: Visit scheduled for Kaltcc, Inc. on Thursday, April 3, 9:00 a.m. Need a volunteer or two to go along. 1) Vector Tool, Inc. and Aroplax -Called several times for BRI appointment. g) Very quiet on industrial leads -working on downtown redevelopment, marketing material updates, annual finance and job reports. h) I.JMC -EDA disbursed $200,000 GMF:H funds. Requested first disbursement from State for $92,000 of the granted $290,000. Anticipates move-in in .1uly. i) '171e HR~1 requested a summary oi'the economic activities accomplished in Monticello. `t'his summary was compiled as a part of the application for the Women of `1"oday - Otltstanding Woman in Government. 1"he request by the HRA is for the purpose to use the information for marketing by publishing success stories. The accomplishments are due in large to the cooperative efforts of many commissions, council, and individuals. * Recruited 25 industrial businesses to the City of Monticello. * Created over 800 new industrial jobs for an annual payroll of greater than $2.5,000,000. * Increased the assessed market value of the City of Monticello by approximately $70,000,000 through economic development, redevelopment, alld affordable housing projects. * Currently working with developers to add an additional $10,$00,000 of assessment market value to the City ol`Monticello. * Secured $1,210,000 in grants from the Minnesota Depal-tlnent of 'Grade & Economic I)evelopmcnt. * Assisted developers and businesses with over $7,000,000 of tax increment financing. * Issued 18 City loans to businesses for a total amount of $1,400,000. j) 200 ~ job reports to MN DTED. • EPA Agenda - 4/2/03 I.) IZemcniber the I~.DA will need to establish 200 3 Goals at the annual meeting. Council meeting delayed to May. I) Plans are to claw approved GMEF Loan No. 021 (Tapper's Inc.) and disburse the $55,000 prior to the non-performance date of April 18, 2003. • 2 .~ - . Y ,: CITY OF MONTICELLO !,~ J~;~+ ACCOUNTS PAYABLE 5p5 WALNUT STREET • SUITE 1 MONTICELLO, MN 55362 763-295-2711 DATE 02/20/2003 TWO HUNDRED THOUSAND AND 00/100 DOLLARS TERRANCE & MARY I'AYTO TOMANN FAMILY LTD PTNSHIP p~p~R 2 2 510 HWY 5 5 o~ HAMEL MN 55340 75-1664 910 Np. 71974 MAROUETTE BANK - MONTICF.LLO • P.O. 90% 729 MONTICFLI-q, MINNESOTA 55382 • (Y83) 295.2952 CHECK NO. AMOUNT 71974 $200,000.00 .. ..~, •~~ II'07 L9?411' ~;09 LO L664?~: 760 00 L 711' -.-.-. ... , `I ~~, VENDOR 002658 T&M TOMANN FAMILY LTD PTNSHIP 02/20 2003 CHECK 71974 250.x.8318 2/20/03 GMEF LOAN NO. 022 200,000.00 TOTAL 200,000.OQ • • ~ F~ CITY OF MONTICELLO • MONTICELLO, MN 553fi2 tJMC, INC. 22510 HIGHWAY 55 ;F/AMEL, MN 55340 ~H: 763-478.6699 ~"AX: 763-478-64$3 ~'[ItvQi.C`w ATI"()I~.NFY 17escripti.on SEF'T.0,12; VQ V21,DEC 5,19, 057291 I~II1GUIlt 1)7SCgrlllt ~I'2t e~.ITI(]tilrit 690.00 0.00 090-00 ~ ~2, C ~r~: 572'? 12,'13/3003 ~IO'~1TIC'.~:I.Ia(:) F17A UMC, INC. ° " 22510 HIGHWAY 55 HAMEL, MN 55340 '- PH: 763-47$-6609 UL1'kA MACHINING coMnANy FAX: 763-47$-6483 l~rtte: 2i l ~/2003 Am~~unt: 690.00 TCF NATIONAL BANK 0 5 7 2 9 1 MINNEAPOLIS, MN 55402 17-7000 z~io `" No: .57291 Azlux.irit: ************(i90,00 Six Ilundred tii.n4ty ttrid nol1.(~0 1~7ollttrs*************``******************************* *************** 'i ,~ . Pray tc~ fhe ~3[)N1`I(°'F,T,T.,C) ET7A ~ ~ ;--~-- ,.~-..~'. ()rc:ler t~f 505 VV~II,VI.i"C 5T ~,~ ,~ ~~~ ~' ...e ' . i~TC)N'1'I(_'T:T,1.,() iViN 55362 II'^5? ~9 III' ~; 29 ~07^0^ i~: 786 L46 L789n" L1MC, INC. 22510 Hlt~: i"vilAY 55 ~1'AMEL, MN 5534p i'Hc 763.478-BGp9 FAX: 763-478-fi483 ATTORNE I' C)escrihtic)n NOV.22,29,30 -DEC~.S 057259 ,1mol~nt Discount Net Alnc~unt I,2dU.UU O.UU I,2iiU.00 ~ N-. C7 No: ;"259 ?r14/2UU3 CITY n~'vIONTICEI,LO ,, W UMC, 1'NC. 22510 HIGHWAY 55 ~~% HAMEL, MN 55340 ~" PH:763-478-6809 uupntr~cniwlwc PAX:763-478-6483 nOF'o'•IY :~xnount: 1,26U.UU TCF NATIONAL BANK 0 5 7 2 5 9 MINNEAPOLIS, MN 55n02 17.7000 291D Date: ?,'I~'r/'?0U3 Nc>: 57?59 A.moltnt: **********1,2tiU.U() t ~)ne ~~110liSGlrlC1 TrV() F~L1C1C1C`;rCl ~I.Yt}/ ur1cl C10/1.Q0 DC)Ir1TS'~*******~"***'~*~`**~`****~`***~`~`*~`***'~'` ** *******~ **** ~:zsr t1, rh;; c~ITV r~r~ Mc)nrTlc'r?r,r..0 / ~ / ~--. ~ .~ Or~l~,r I)f 505 ~N.!~I.NU'I' S'I' ~`- ~c~;?~~/'~{.~,%~ `ti.,,~ / ~ "'~"~ `~i"~I.a 5UITI: l ` _ ........ ...... _._.... n~ lVi(7NTIC'Rr,r,O iV1N »;?fi? i~'057 259ii' ~: 29107000 ?~~: X86146 L789n" tivrtit,n ~ (;nal.~ antl 1'ul>lic 1'urpt-s~ (tlcntilictl in the :~~rrcnl~nt ~y. Minn. 5ru. ; I I r,1,c)Li~ rucluir•u. that hu.inr>, ,uh.ids anti tinanci:d a„iaanrt: a,~rrcmrnt. ,taro a puhlic purpuw. ~1•htch u~ the fullu\\ ink Inthiir purpt,.r, wort: ,rated in the a,rrrnunt :' r-Durk ull rhur up/rlr. ) XX ~ G~ - y ~nh:utt:in~ rennnntic diwc,its ~creu~in tas har twntxx be unl~ purpu,rl C XXCrr:uing hi ~h-yualitt•jub ~rnt\th J Qth~rlplrusc•sl7rcif}•1 - J tub retention J $tabilizim~ the ~nnununit~ _N. Gtdi~ate w•hethcr the aerecmcnt included the tulto\vin_ n•pes of ~pah, and whether the recipient had attained thns~ ,roils a[ the tune of [his report, f f7/I in 1hr /ruses uncl urruinu+rnr durrfsl fur rtn•h •4uu/. Gctals Tarvet attainment all ,~nal~ e5tabiished'? dutets fmnnth ~ year) artrined:' .~) Sp<t:itic wa~,c andjnb final, to be attained within ? years ~ Yr> ~ Vp B 1 Otherjob-creation :utd/nr retention ~,oals 0 00~ Yes J No J Yes J No J Yes J No C) Otbt:r w•a_a ,null J Yes ~ No D) Other ~~nals other than was and job ~nais J Yes ] Yo ] Yey ] No ;.1 Yes ~,1 No 1 Plccrse trrlcrc•lr tlrsc'ri/ninrrs rr/",~nctls and pru~rrss Irnt•urYl rrrruirtnrrrrf i/"fore tluc•runrufcd in ~irrrsritrns {U urrd jl. ) :0. For rich of thu ti711uwin w•a,,e rate~sorirs. indica[c the job creation and/or retention;cwis stated in the a~reemcnt and tht; avcraT,t: hourly value at any unpluyer-provided health in,urancrguals for thn,rjobs, fpn/r indirurr jr,h c'rL'urirfrr ,uu/.\' in %rr/!-linu~ ('(/f!!tY//L'lfl.S 1/-\'Ull tN'C (rA(fI7IL'!rl cL•/7cu'urL' ~uctl.\ h\ /ir!/- curt//runt-riurr /ru.,irirrn.\.l FuII-timr Part-timr/ F'I-F lonh ir;;uuls nut Hourly 1Vuee Joy Sraw7nalrl'emp. stated ati F`I'/1''['1 Ir~eludinr benefits) Juh 12etrntinn HuuA}• Ynlur of Crrntiun Juh Creation .Joh Creation Hrrlth Insurant:r nn huurl)• wage-It\d ual w•_ k>, than S7.uq _ NOT LESS $10.00 `1 ~~ -__ _-_ -•- _ -- r;~r,~ _ _ NOT LESS THAN $18.00 - 2~ ^ -.. _ .-_ _ -- _ - -- _ _--~ I. Fur each of rltr follnwim, wa,e catr~~orir,• intliearc the number ofactu~ljob. e:reatrd and/nr retained since [he brnrtit d:ctr and the actual huurh• \ ;tlue of anv employer-pmvidrd health in.urtnce for thus jobs. rQrr/\• in</ic•urr juh L•rrurirnr ire feel)-rirgc• ryrrn•crlc•rtrs i/ erne trv'r rrnrrhl= rn srpururr juh rrc•urir7fr inrn feel)- turd prrri-riurr pn-ciliuns. l Cull-time Part-tin:r! 1•TF tonly iC unu:rlr w Huurl}' t~'ai;r Juh 5rrst7nal/Temp. seprratr f"P/P'I'1 Irxcludin ~ hrnelitst .lob Retention Huurlc Yrlur of f- Crertiun ,Joh Creation Job Creation Mrnlth Incur-once Ic.> Ihan :57.1111 $7.UU to $;S.dN _ _ - -~ --.~ a NOT LESS THAN $10.00----- -~ ~ W ~-- , - -- ----- ----- ~_ w ~~ __ NOT. L ~ S $18.00 - ~, -- -.._ _ -- -- :'_. F!a> the rrt:ipient arltirvrd all ,ual,l.ee Que,tion. _'c). ?U and : I 1 and fultillyd all nhli~~atinnn aipulatrd in the a~errrment'' r,l/ur'k rfnr. 1 J Y4. ~~n ~UU~ ,~I„Iq~„rya I3U~InL>, ,~„I,lJne~ Fenn r I/~: /U_'t Pale ? .,1 a Uept. ui-Tratl~ ,%: teunumie pt~clupnunt ~1 ~c'`rti Cf YY`an a o a 3 r.o~ ~-- Section ~ Ga:>as and Public Purpose Identified in the A;t;reement 2)i. Minn. Stat.~~' I I6J.Ic)4 rcyuires that business subsidy and financial astiistancc :tQnK:ments Mute a public purpo~c. Which of the tirllowing public purpasts were stated in the arecment? (Mark all nc~rr upplt'.l • J Enhuncinw~ economic diversity ~f nerc:~sing tnx base (cannot be only purpose) ~rcuting hi~~h-yualityjob growth J Other (please sprcifi•) X~'Jub rctention J Stabilizim~ the community ?9. tndicatc whether the agreement included the following types of goals. and whether the recipient had attained those goals at the time of this report. (Fill ire rhr bares urrd «nuirrnrerrt dare(s) for each gaol ) - Goals Tar,et attainment All ;oils established' dates (month & year) attained? A) 5pecitic wu_we ;rod job goals to be attained within ? yeah Yes J No ~ Yes ~1 No B) Othcrjob-creation and/ar retention goals ~ Yes J Nq s 04J Yes J No C) ether wage ~,oals ~ Yes ~ Nq ~ Yes _l No Dl tither goals other than wage and jab goals J Yes 7 No J Yes ~ No (Plrcrsr uncrc•h descriprinn.r rtf,;nctls cold pro,~recr rntrrrrrl uuuinnrrnt if •uur rlurrnrrrulyd ix Quecriuu.c 30 curd -I 1. ) 3q. Far cash of the fallowing wage cutc~,urics, indicate the jab creation and/ur rtacntinngorls stated in the agreement and the average hourly value of any employerprovided health insurancegaals for thasejobs. (Only indic•ure job c•rc•ariurr ,quult• ur fir!/-burr eyuircr/crrrs i/' i•uu nrr nnrrh/e ru seprrrure ,t; null hr full- cur</ purr-tirnr pusilinn.~•. ) Full-time Part-time/ F"1'E Ionly if gurLs not Hourly Wage Job Srasunal/l'rmp. stated as h-I'/P'C) Joh Rrtention Hourfv V•rlue of lexcludin~; henefitcl Creation Job Creation Job Creation Health Insurance nu hourly wagC-Iwel ~,::al _.- . __ .. _ -- -. --- _- ~--- ti NO LESS THAN $20.00 4 17 r..++.r.~rtriqu - . - - - - - - - -- NO E~ $22.00 1 ... _ ---- - .._. mm20 `--_ - NO LEST ~1 $10.00 1 2 NO SEI~~~ $12.00 2 -- - -•- -- _ _ ___- ~ ,__._.. NO LES~~~~1~~ $14.00 4 - - -- 6 NO LES THAN $16.00 4 12 JJA. ~IIMM~rr _ .... _~ _ - _ .. ~_ --- > - 31. Fur carte of the following wage catrgoricx, inJiratr the number ufretual jobs created and/ur rct::incd sink [hc benefit date and the actual hourly value of any employer-pt'ovidrd health insuran4c for tho~r jobs, (Oir/t• indirurr jrrb cvrurirur in full-rrnu• ryurr'ul<vu.~' i/~rnu err rut<rblc• lu sc~purrrrc jnh c•rreuiun urea J•rr!!- and pu,•r-rinrr pu.~•itinu.~.) E%CLTJS IVE OF BENE>~'Y~ntr Part-time/ l't'F: (only if unahl~ to Fluurly Wade Joh Seasonal/Prmp. separrtr FT/P'P) Joh Rrtention Hourly Valor of Irxcluding hrnelitsl Creation Juh Creation Job Crrsttiun Hrrlth (nsurrnce NO LES`~i11) $20.00 ~_ ~.-- . . _.~ _ /5 `-- - NO LES~~~1 $ 22.00 T- ~ - .. ---- 2 5 NO LESS THAN $10.00 T ~t~rttrtttr~rtrar~) _.~_._ . ~ _ _... i NO $ES~ S~r~ $12.00 _ - - - --- ~ ---- -- NO LE55 THAN $14.00 _- ----- `------ ~+.i~w..~...~, = - - - - 9 ~~ !2 - - NO L T x$16.00 - ___ _ _...--- ~~_-._ NO LESS THAN • ~'_. I las the recipient auhieccd all ~,o:rls t+cc (~)ucstions _'y 3t1 and ±I 1 and fulfilled all ~~hli~sarir~n. stipuL•r[cJ in [he :r,rcrrnrnt° ?na; \)inn~.uta liusinrs..a..ia:rnce Furw tl/I?/Ilil Pau? ul 1 Urpr. ot•I•raJ~ \ Economic Dr~el~gtnt~nt Sectiom ~ Goals and Public Pu ose Identified in the A Bement 38. Mina. 5taL § 1 f fi1.994 requires tha[ business subsidy and futanCial assistance a$reexseen[s state ;~ ublic of :he following Public purposes were stated in the a enC? A~fark all that P P~Pose. Which 8~ ( aPP1Y--) ~ Enhancng economic divr~si!ry ~Inaeasing toot base (canAOt be and ~ Creating high-qusliry job growth Q Other lease y P`uPase) ^ Sr;6iliziztg ~e cammurtity ^ Otha (pleas spec fy) D Other (pleas specify) Z9. Iadiczte whdrer dxe ~rtent included the fvllovvirlg types of goals, and wluxhea the at ttre time of this report (Fil1 in flee boxes aced attainment ~~ bad attained those coals dares} for each gerrL) Gaels Target att~nent ,w g,~ A) S sew estahlished,? data (~ ~ Yom) attained? Qeci age and job goals to be mined within Z years ~-s ~ No 2 p Yes ^ No B) Other jab-ccuion azsd/ar r,e~szion gvaLs D Yes C] No ©Ya ^ Na ~ ~~ ~~ 3°~ O Yes ^ No O Yes ^ Na D) Othc goals odter than wags and job $vaI's ^ Ya ^ No - p Yes D No (Plecsr attach descrtptrnns of guvuLs and progress towvatZ~ - . attainment if Rot dar~mented in Quesriaa 30.) 3U. For "ach of the following wage ~dri~. indicate the jab aesrion and/or retesation goals stated in the oa}~:~ Qand the ave:-age hourly value of any erxrplayer-provided health insrsartCe Eaals for those jabs. ( Rlv itrdircre j goals infull. rime equivalents if you are cusahle ro sepcrate grnaLs lry frt11- and pert-time pasitierrs.) FuA-dme Parr-timd F1`E Dolt iCeayls qot Hourlr Wgga Job SeasaaallTeosQ. st;ued u FT1PT) Job (exdueiin@ benefit3) Cratioa Jab Crntina Job Creac{aq hourly Valge oC Reteanou Healtd Ieuursnce 4 no hautfy wage-love! ~ s ~~ s '"~T ~ S 58.50 7I ~'~r s ~t ~ ~-~T g 12.00 14 s ~ri9 s Lm"""~~c s 31. Far ese:t of the fallowing wage ~tegorie~ ~~~ ~~ number of actttal jabs created and/or trained since the bene5t date anC ;ne anus( hourly value of any ernployr.-provided health insurartca for those jobs. (Only indiccre job creation in full-time etjuivalentr if you are unaC4 to reparute job creadvn into fu11- and P~-fie po,~Q~) FuA-Wmie Part lead >:TE only iC unable m Hnur•fy Wad Job SeawoaJ/Teea¢ feparate ~ (rxdueila~ 6ene~a~ Creeatiaa Job Crnuaa Jab Crndo~7 Job Haue•l~- Yalue of Iteseeerioa Health Iasuraaee: 5 s T~r9 58 - SO ~ s .`l IIM AT~~9 S 12.00 8 = ---- s .f7 (~~" _. S 32. Has :he -ec:pirct zc'~ieved all coals (sr Questions ?9, 30 and 3 [)and fulftIleti+ all abii -ans sapuIare:l in dYe agrc:tnetst'~ (1+fcrr sRe.) ^ Yes ~ No 20gg Minneson gus~ness Assistsetee Form Pxge 3 oft DePart:neat ofTcade and E^Rnomic pevelopmrnt